US mortgage applications fall 3.8pc

(Sharecast News) - US mortgage applications decreased in the week ended 25 July, according to the Mortgage Bankers Association of America. Last week's decline extended the prior week's 10% dive, with mortgage applications registering a 3.8% fall despite a drop in benchmark mortgage rates.

Applications to refinance a mortgage, which are more sensitive to short-term changes in interest rates, fell by 1% week-on-week to their lowest since May, despite softer developments in mortgage rates throughout July, while applications to purchase a home fell a sharper 6%.







Reporting by Iain Gilbert at Sharecast.com